In this article, we present the results of a study in which we compared information literacy of master students from the University of Graz, Austria and Chungbuk National University(CBNU), Republic of Korea. Data were collected using a multiple-choice questionnaire which consisted of the following parts: demographic data, self-assessment of ones information literacy, use of information sources, and knowledge test. The latter was designed on the basis of the Information Literacy Competency Standards for Higher Education(ALA,2000). Data were collected in two classes of the Business Administration program at the University of Graz. At CBNU, the study participants were subscribed to the master programs of Business Administration, Management Information Systems, and Psychology. Usually, it took the students 20 minutes to fill out the questionnaire. The results reveal that students from the University of Graz have a higher level of information literacy than their colleagues from CBNU. To some degree, this might be due to cultural and social differences between the students. However, the test instrument might have had also some cultural (European) bias. Finally, it turned out that the Korean students were more exposed toward the use of modern information and communication technologies.